The recent Uniswap price analysis shows a strong bullish movement, as the UNI/USD pair has breached the $5.50 mark and is now trading above this level. Despite opening today’s session at $5.23, the bulls have gained over 4 percent in the past 24 hours, pushing Uniswap’s price higher and supporting an uptrend.
At the time of writing, UNI the native token of Uniswap is trading at $5.51, with strong support at the $5.23 level. The immediate resistance is at the $5.54 mark and if UNI manages to break through this level, it could continue rising toward the next resistance level of $6.00 since the buying pressure is still strong.
Uniswap price analysis 1-day chart: UNI/USD pair recovers from the recent lows
As seen on the 1-day chart, Uniswap price analysis shows that UNI/USD pair is still in a bullish trend with the price action showing a recovery from the recent lows at $5.20. UNI shows a steady rise over the past few hours and the bulls are pushing for a break of the resistance level at $5.54. The trading volume has seen a significant increase in the past 24 hours marking a gain of almost 29 percent.
The technical indicators on the chart also support a bullish sentiment. The MACD indicator has turned back to the positive territory and shows an upward trajectory since the MACD line has crossed over the signal line. The RSI indicator is sharply pointing upwards from the oversold region and is currently at 46.31 showing that buyers are in control of the market and there is still room for further gains. Furthermore, the Bollinger Bands are also widening indicating an increase in volatility in the UNI/USD pair.
Uniswap price analysis 4-hour chart: Recent developments and further indications
On the 4-hour chart, Uniswap price analysis shows that the pair is forming a bullish pennant which is a continuation pattern of the uptrend that has been developing over the past few hours. UNI has been trading in the range of $5.30 and $5.50 for the past few hours, however, it seems that the bulls are pushing hard to break out of this range and continue its upward trajectory as seen on the chart.
Looking at the technical indicators, the Relative Strength Index(RSI) is slowly inching upwards and currently at 60.76 indicating a strong buying pressure, while the Moving Average Convergence Divergence (MACD) indicator is also trending higher. The MACD line has crossed over the signal line and is now trending in the positive territory showing that buyers are starting to gain momentum. In addition, the Bollinger bands have started to widen again with the upper band still below the current price level and no indications of a near-term reversal.
Uniswap price analysis conclusion
Overall, Uniswap price analysis shows that the UNI/USD pair is currently trading in a strong bullish trend with further upside potential. A break in the resistance level of $5.54 could trigger further gains, however, any negative developments in the market may lead to a price correction and test the support level at $5.23.
